Yeah, as Arunava said, the Mumbai Metro is currently under construction. It's comprised of both subway and light rail. Here's the first few phases shown with main nodes:

More detailed map of line 2:

The stations will be developed and run by private developers who will also use them as malls and transportation nodes. An example station:

Really, there's a massive upgrading of Mumbai's infrastructure underway. Apart from the Metro, there are upgrades in the works for the rail system to increase capacity, revamping train stations, expansion and modernization of bus lines, stations and grid, major highway/flyover projects to decrease congestion and cut travel time, the construction of up to two more international airports, as well as the modernization of the Chhatrapati Shivaji International Airport

Construction has started on India Tower, a new 60-storey (301 meters) world-class Park Hyatt hotel, retail, and residential tower located in South Mumbai, India. The developer is committed to making India Tower a United States Green Building Council (USGBC) LEED Gold-rated project. Construction is expected to be completed in 2010.

India Tower is located in the prestigious South Mumbai coastal area fondly referred to as the Queens Necklace. The tower’s rotated form emerges in response to the 3-acre site (1.2-hectares), the building’s functional requirements, and its mixed-use program that changes with each rotation of the tower. This circulation pattern separates retail, a custom-designed residential-style Park Hyatt hotel and serviced apartments, and long-lease and duplex penthouse condominium apartments.

The design concept for India Tower was informed by Mumbai’s climate, the site, and the desire to create distinctive indoor and outdoor spaces with optimum views, inspirational settings, and personalized contemporary accommodations for all users. Designed to have the least possible impact on the environment, the tower will integrate current innovative sustainable systems and technologies throughout the building – solar shading, natural ventilation, daylighting, rainwater harvesting, and green interior finishes and materials – to make it one of the greenest skyscrapers in India.

India Tower’s 3-story podium will include restaurants and cafés, luxury-brand retail stores, a health/fitness club with a swimming pool, and a nightclub/lounge. When arriving at India Tower, Park Hyatt guests will be directed to the Sky Lobby (levels 30-35) to check-in, then descend to levels 14 through 28 to their hotel residences.

India Tower’s long-lease apartments will be located on levels 38 through 50, and will feature stylish and spacious two-story living spaces that have been specially designed to take full advantage of the expansive views from this height. Levels 52 to 59 of the tower will house one-of-a-kind duplex penthouse condominium apartments with unparalleled panoramic views.

Nuclear power. Everyone just got all on Bush's case because he decided to break the non-proliferation treaty and signed an agreement with India to help them build like 10 nuclear power plants about a year ago. India will probably be one of the world's largest users of Nuclear power within 20 years.

Meanwhile, a minor incident in 1979 and a Jane Fonda movie have kept us from building a single new nuclear power plant for decades.

The design and name of this building has changed. The new name is DB Tower (short for Dynamix-Balwas, the name of the developer consortium.) Several India forum members have contacted architects FXFowle, and confirmed that they are the architects of the new design as well.

Here is the new design:

The tower will have the same height as the former Park Hyatt/India Tower proposal. The tower remains mixed residential and hotel use.

Yep, FXFowle's hand is easily recognizable. When I saw this example of clean deconstructed Modernism, the first building that popped into my head was the Bank of America tower in NYC, another sliced up FXFowle glass box.